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Friday, February 3, 2023

BTC Price Levels Are To Be Watched- As The Cryptocurrency Limps Towards The New Year

BTC recently entered the holiday period at an unchanged price of $16,800 as a weird lack of volatility was preserved in the crypto market. According to data that was confirmed by TradingView and Cointelegraph Markets Pro, it was understood that the currency exchange would not be able to cross the threshold of $17,000. The pair had previously struggled to break out despite multiple potential catalysts that had been arriving from the economic data prints of the country.

With the entire holiday season before them, a Santa rally seems like an impossibility, while a lack of significant events to come further brings down the chances of flash volatility. In an analysis that was done over the weekend, Michael van de Poppe, the CEO and founder of Eight- the trading firm, did reiterate the possibility of a step higher to where the current levels would be holding on to.

BTC Levels To Look Out For

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Speaking to his followers on Twitter, the CEO stated that BTC was still holding on to the levels as they previously flipped a price of $16,750 for support. He further commented that if the exchange were to hold, there was a possibility that they would be able to see a continuation of the price going upwards of $17.4k.

On-Chain College, a popular analytics account, also went ahead and released an entire list of key levels that one would do well to watch in the short term- with a lot of them going down. The account also included the realized price- which is the price aggregate at which the supply of Bitcoin previously moved– along with the balanced price. This expressed the difference between the current spot price, as well as the realized price. It is possible that the bear market of BTC could potentially end up being the longest ever- which would be quite similar to the events of 2013.

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